Related Fund Management has bagged $160 million in financing for its acquisition of Truffles Tribeca—a 291-unit luxury rental building that includes 28,500 square feet of retail space, sources close to the deal told Commercial Observer.

J.P. Morgan andLandesbank Baden-Württemberg (LBBW) provided the five-year debt. The breakdown couldn’t immediately be ascertained but one source said J.P.Morgan provided around 75 percent of the financing.

The asset’s purchase price was $250 million, as first reported by The Real Deal.

Jack Parker Corp. built the 15-story property—at 34 Desbrosses Street between the West Side Highway and Washington Street—in 2009. Its amenities include a fitness center, a lounge, a games area, a roof deck and a screening room. The building also includes an underground parking garage.

Related intends to increase income at the property by improving management, marketing and leasing practices, sources said. The developer knows a thing or two about the area, seeing as it also owns a boutique rental property at 456 Washington Street and a waterfront condominium property at 70 Vestry Street.